Avast plc First Quarter Trading Update

LONDON, April 20, 2021 /PRNewswire/ -- Avast plc, together with its subsidiaries ('Avast' or 'the Group'), a leading global cybersecurity provider, issues the following scheduled trading update for the first quarter of its current financial year, comprising the period from 1 January 2021 to 31 March 2021.

Ondrej Vlcek, Chief Executive of Avast, said:

"Avast has made a good start to the year with continued demand for the company's security, privacy and performance solutions. The business is trading in line with expectations as we successfully execute on our stated goals to drive customer engagement and monetisation. We look forward to the remainder of the year with confidence."

Financial Summary

($'m)	Q1 2021	Q1 2020	Change %	Change % (excluding FX) 1
Revenue	237.1	214.6	10.5	10.0
Revenue excl. Acquisitions, Disposals and Discontinued Business 2	236.4	213.1	10.9	10.4

For the first quarter, Revenue of $237.1m was up 10.4% on an organic basis³, and 10.5% at actual rates.

The Consumer Direct business continued to deliver good growth, while the SMB business also sustained its positive momentum. In March, Avast renewed its contract to promote the Chrome web browser with distribution of its consumer antivirus products and CCleaner utility application, through to March 2022.

For the first quarter, Adjusted EBITDA increased 10.3% to $133.7m, resulting in an Adjusted EBITDA margin⁴ of 56.4%. On 31 March 2021, net debt / LTM ("last twelve months") Adjusted EBITDA per the banking covenant was 1.1x. In March, Avast successfully completed a USD 480 million and a Euro 300 million Senior Secured Term Loan to refinance prior facilities. This extended the Group's loan maturity to March 2028 and further reduced interest costs.